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Earnings Roundup

Wet Seal profit rises nearly 50%

August 22, 2008|From Times Wire Services

Wet Seal Inc. said its fiscal second-quarter profit jumped nearly 50% as the young women's clothing chain worked to improve cost controls and better manage its inventory.

For the three months that ended Aug. 2, the Foothill Ranch-based retailer earned $10.1 million, or 10 cents a share, compared with $6.8 million, or 7 cents, a year earlier.

Excluding a noncash interest expense for conversion of notes to stock, the company recorded profit of $12 million, or 12 cents a share.

Sales rose 4% to $149.1 million from $143.3 million.

Analysts expected the owner of Wet Seal and Arden B stores to earn 10 cents a share on revenue of $149.4 million.

Wet Seal shares fell 4 cents to $4.05.

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